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Gas Turbine Market to Grow by USD 2.65 Billion (2024-2028), Enhanced Efficiency & Robustness Boosting the Market, with AI Driving Market Transformation – Technavio

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NEW YORK, Jan. 31, 2025 /PRNewswire/ — Report with the AI impact on market trends – The global gas turbine market size is estimated to grow by USD 2.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 1.86% during the forecast period. Enhanced efficiency and robustness of gas turbines is driving market growth, with a trend towards growing use of alternative types of fuel in aeroderivative gas turbines. However, inherent challenges in handling natural gas poses a challenge. Key market players include Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., Doosan Heavy Industries and Construction Co. Ltd., General Electric Co., Harbin Electric Corp., IHI Aerospace Co. Ltd., Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich JSC, MTU Aero Engines AG, Rolls Royce Holdings Plc, Siemens Energy AG, Solar Turbines Inc., Wartsila Corp., Shanghai Electric Group Co. Ltd., and OPRA Turbines BV.

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Gas Turbine Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 1.86%

Market growth 2024-2028

USD 2650.24 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

1.7

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 47%

Key countries

US, China, Japan, India, and Germany

Key companies profiled

Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., Doosan Heavy Industries and Construction Co. Ltd., General Electric Co., Harbin Electric Corp., IHI Aerospace Co. Ltd., Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich JSC, MTU Aero Engines AG, Rolls Royce Holdings Plc, Siemens Energy AG, Solar Turbines Inc., Wartsila Corp., Shanghai Electric Group Co. Ltd., and OPRA Turbines BV

Market Driver

The gas turbine industry is experiencing significant growth in the power generation sector, with mechanical drive applications in jet engines and electricity production leading the way. Emission norms and concerns over carbon dioxide emissions are driving the shift towards natural gas reserves as a cleaner alternative to coal production. Renewable energy sources like solar and wind power are also increasing in capacity, leading to the retirement of fossil-fired power plants. New power plants, including combined cycle plants and gas-fired reciprocating engines, are being ordered to meet electricity demand driven by urbanization and economic growth. The International Energy Agency predicts GT capacity additions will continue, with combined cycle technology and open cycle technology seeing strong demand. Gas turbine OEMs like Solar Turbines, IHI Corporation, Wartsila, OPRA Turbines, Centrax Gas Turbines, Zorya-Mashproekt, and Cryostar are at the forefront of this trend. Design types, including aeroderivative gas turbines, are being optimized for efficiency and emissions reduction. The electric power sector is undergoing a transformation, with renewables, wind energy, and solar energy gaining ground. Electric utility peaking and ancillary systems are also important considerations for power plant technologies. Installation costs, project financing, and equipment pricing are key factors in the decision-making process. Gas turbines, as mechanical devices using the Brayton cycle, consist of a heater, compressor, turbine, and cooler to generate electricity. Climate change initiatives and regulations are driving the need for carbon emissions reduction and the exploration of hydrogen fuel blends. The power sector continues to evolve, with natural gas, nuclear energy, coal, and renewables all playing a role. 

The cost of fuel is a significant expense in gas turbine power generation, making up a substantial portion of the overall cost. In response, there is a growing trend towards using low-cost alternatives, particularly in the marine and industrial sectors. Fuel flexibility is a key driver for innovation in gas turbine technology. Aeroderivative gas turbines, for instance, have been developed to accommodate various fuel types for enhanced versatility. Traditionally, natural gas has been the primary fuel for these systems, but other fuels and gases, such as biofuel and synthetic gas, are gaining traction due to their affordability. However, the large-scale production of these alternative fuels is still in its infancy. 

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Market Challenges

The gas turbine industry faces several challenges in the power generation sector. Mechanical drive applications, including jet engines, require advanced gas turbine technology. Emission norms and carbon dioxide reduction targets pose significant hurdles for fossil-fired power plants, pushing the industry towards renewable energy sources like solar and wind power. Natural gas reserves and economic growth in urban areas increase electricity demand, leading to new power plants. Design types, such as combined cycle plants and gas-fired reciprocating engines, are in high demand. Rating capacity additions in the electric power sector require project financing and equipment pricing considerations. International Energy Agency reports show renewable capacity additions surpassing new gas turbine orders. Retiring coal-fired generation and hydrogen fuel blends add complexity. Carbon emissions, gas turbine designs, and ancillary systems are key areas of focus. Gas turbine OEMs like Solar Turbines, IHI Corporation, Wartsila, OPRA Turbines, Centrax Gas Turbines, Zorya-Mashproekt, and Cryostar innovate to meet power sector needs. Gas turbines, as mechanical devices, use the Brayton cycle, with a working fluid, heater, compressor, turbine, and cooler, to generate electricity. Climate change initiatives and regulations drive innovation in power plant technologies. MW demand, installation costs, and overhaul and repair are ongoing concerns. Gas turbines have applications in marine, aerospace, and process plants.Natural gas-fired power plants offer efficiency advantages over coal-fired alternatives. However, the environmental concern of methane leaks from natural gas storage is a significant challenge. Methane, a major component of natural gas, is odorless and has a global warming potential 82 times greater than carbon dioxide. Undetected leaks can contribute to environmental damage. Regulatory measures addressing gas storage safety are anticipated, which may restrict the expansion of the gas turbine market during the forecast period.

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Segment Overview

This gas turbine market report extensively covers market segmentation by

Product 1.1 Heavy-duty gas turbine1.2 Aeroderivative gas turbineTechnology 2.1 CCGT2.2 OCGTGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Heavy-duty gas turbine- The global heavy-duty gas turbine market is projected to experience robust growth due to the increasing demand for electric power as a result of rising power consumption worldwide. Developing nations are expected to drive significant power generation activities during the forecast period. Gas turbines are preferred over coal-based power generation due to environmental concerns, contributing to market growth. High-baseload plants requiring turbines over 300 MW will contribute significantly. Vendors, like General Electric Co., secure long-term agreements for constructing new heavy-duty gas turbines to expand market presence. For instance, in March 2022, GE received an order from Harbin Electric Co. Ltd for three GE 9HA.01 gas turbines. This trend of increasing orders for heavy-duty gas turbines is expected to accelerate market growth during the forecast period.

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Research Analysis

The gas turbine industry is a critical segment of the power generation sector, focusing on the production of electricity using the Brayton cycle. A gas turbine is a mechanical device that converts the energy contained in a working fluid into mechanical power, which is then converted into electricity. The working fluid, typically natural gas, is heated in a heater, causing it to expand and drive a turbine. The expanding gas then passes through a cooler to condense and repeat the process. Gas turbines are used in various applications, including mechanical drive and jet engines. In the electric power sector, they are often used in combined cycle plants, which also incorporate steam turbine generators. The gas turbine market is driven by the increasing demand for electricity and the availability of natural gas reserves. However, emission norms and the shift towards renewable energy sources, such as solar and wind, are major challenges. Renewable capacity additions are expected to impact gas turbine orders, but gas-fired reciprocating engines may still play a role in the transition towards a low-carbon energy sector.

Market Research Overview

The gas turbine industry is a critical segment of the power generation sector, focusing on the production of electricity using the Brayton cycle. Gas turbines, mechanical devices that convert the energy of a working fluid into mechanical power, are used in various applications, including jet engines, mechanical drive, and electricity production. The increasing demand for electricity due to urbanization, economic growth, and electricity demand drives the market. Natural gas reserves and coal production are significant fuel sources for gas-fired power plants, which include combined cycle plants and gas-fired reciprocating engines. Renewable energy sources, such as solar power plants and wind power plants, are also increasingly integrated into the power sector, leading to renewable capacity additions. Emission norms and climate change initiatives have led to the development of carbon dioxide capture technologies and the use of hydrogen fuel blends. The power sector is undergoing a significant shift towards cleaner energy sources, with retiring coal-fired generation and the growth of nuclear energy, renewables, wind energy, and solar energy. The gas turbine market is influenced by various factors, including electricity demand, project financing, equipment pricing, and gas turbine OEMs such as Solar Turbines, IHI Corporation, Wartsila, OPRA Turbines, Centrax Gas Turbines, Zorya-Mashproekt, and Cryostar. The market also includes combined cycle technology, open cycle technology, and marine and aerospace applications. Gas turbine designs continue to evolve, with aeroderivative gas turbines and ancillary systems playing essential roles in the industry. Installation costs, overhaul and repair, and rating capacity are also significant factors influencing the market. The International Energy Agency forecasts continued growth in gas turbine capacity additions, driven by the electric power sector’s increasing reliance on gas-fired power plants.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductHeavy-duty Gas TurbineAeroderivative Gas TurbineTechnologyCCGTOCGTGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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NX Group Unveils Global Campaign Visual and Concept Movie

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– “Anything to Anywhere” Expresses NX Group’s Strengths in Global Transport of Everything from Semiconductors to Museum Exhibits –

TOKYO, Feb. 26, 2025 /PRNewswire/ — NIPPON EXPRESS HOLDINGS, INC., has created a new key visual (*) — “Anything to Anywhere” — to showcase the strengths of the NX Group and released a short movie to introduce the concept in order to accelerate the expansion of its worldwide business. This visual will be used by NX Group companies around the world to raise Group awareness globally.
(*): An advertising material/element used in various productions for brand penetration

NX Logo: https://kyodonewsprwire.jp/img/202502204514-O1-QzI940f0

New key visual: “Anything to Anywhere”
https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202502204514/_prw_PI2fl_3o1iErin.jpg

New visual representation of NX Group brand
The NX Group’s long-term vision is to become a “logistics company with a strong presence in the global market.” To realize the long-term vision, the Group has unveiled a new key visual, “Anything to Anywhere,” to express the NX Group brand globally.

Since its founding in 1937, the NX Group has continued to grow and win the trust of its customers by taking care of a wide variety of cargo — from semiconductors utilizing state-of-the-art technology to museum pieces — and properly managing and delivering them to their desired destinations. The key visual graphically illustrates the Group’s strengths and expresses its pride and determination to deliver any item anywhere in the world in any industry or sector with high-quality transport services. It also exemplifies the NX Group’s corporate message “We Find the Way” by showing the Group’s ability to examine and resolve difficult problems together with its customers.

Professional techniques and networks expressed in diverse motifs
Various motifs such as “dinosaur,” “pills” and “robot arm” were used for the key visual. They are beautifully and carefully wrapped like “origami,” the traditional Japanese craft of paper folding, evoking the craftsmanship and meticulous packaging techniques originated in Japan that the NX Group has cultivated over many years, and expressing the Group’s commitment to providing professional services that leverage its extensive experience and reliable capabilities.

The labels on the objects depict various destinations such as the Champs-Elysees in Paris and Silicon Valley in the U.S. as well as Antarctica and the Milky Way, symbolizing the NX Group’s global distribution network and its pursuit of unlimited possibilities.

Going forward, the new key visual “Anything to Anywhere” will be used as a creative element embodying the NX Group brand at exhibitions held around the world.

Image1: https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202502204514/_prw_PI3fl_w2ynzyHv.png

A short movie using “Anything to Anywhere” is available on the Group’s website, YouTube channel, and official LinkedIn account. Please take a look.

Posted location URLs
NIPPON EXPRESS HOLDINGS website: https://www.nipponexpress-holdings.com/en/about/video/
YouTube: https://www.youtube.com/@nittsu
LinkedIn: https://www.linkedin.com/company/nippon-express-group/

The NX Group will continue to take on the challenge of creating new value from logistics while aiming to be a globally trusted presence sought after by customers and society.

Image2: https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202502204514/_prw_PI4fl_muHvIPLt.png

About the NX Group: https://kyodonewsprwire.jp/attach/202502204514-O1-XJCtR2XW.pdf

NX Group official website: https://www.nipponexpress.com/
NX Group’s official LinkedIn account: https://www.linkedin.com/company/nippon-express-group/

View original content:https://www.prnewswire.co.uk/news-releases/nx-group-unveils-global-campaign-visual-and-concept-movie-302385501.html

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Tuniu to Report Fourth Quarter and Fiscal Year 2024 Financial Results on March 14, 2025

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NANJING, China, Feb. 26, 2025 /PRNewswire/ — Tuniu Corporation (NASDAQ:TOUR) (“Tuniu” or the “Company”), a leading online leisure travel company in China, today announced that it plans to release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, before the market opens on March 14, 2025.

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time on March 14, 2025 (8:00 pm Beijing/Hong Kong Time on March 14, 2025).

Listeners may access the call by dialing the following numbers:

US

1-888-346-8982

Hong Kong

852-301-84992

Mainland China

4001-201203

International

1-412-902-4272

Conference ID: Tuniu 4Q 2024 Earnings Conference Call            

A telephone replay will be available one hour after the end of the conference call through March 21, 2025. The dial-in details are as follows:

US

1-877-344-7529

International

1-412-317-0088

Replay Access Code: 2263052

Additionally, a live and archived webcast of this conference call will be available at http://ir.tuniu.com/.

About Tuniu Corporation

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

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SOURCE Tuniu Corporation

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DNA Expands Collaboration with Google Cloud to Drive Innovation and Deliver Dynamic Services to its Customers

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Telco aims to accelerate digital transformation with migration to Google Cloud following recent move to data platform

HELSINKI, Feb. 26, 2025 /PRNewswire/ — DNA Plc, one of the leading Finnish telecoms providers and a subsidiary of Telenor Group, and Google Cloud today announced a collaboration to help accelerate its transition to the cloud and support the delivery of fast and reliable services to its customers. The agreement allows DNA to gradually migrate its on-premise workloads to Google Cloud according to DNA’s cloud-first strategy.

DNA is subject to a number of strict compliance requirements, including data residency in Finland. To help support this requirement, DNA will use Google Distributed Cloud to host specific mission-critical infrastructure in its own data centers, while the rest of its applications and data can reside in Google Cloud’s Hamina data center. This will allow DNA to meet its compliance needs, while paving the way to almost entirely eliminate its data center footprint and associated costs.

This agreement builds on Google Cloud’s recent partnership with Telenor Group that involved DNA adopting Google Cloud’s portfolio of data and analytics products and solutions for customer, marketing, and network analytics. DNA estimates that its adoption of BigQuery for data orchestration has already helped the company yield major improvements in analytics performance, at a fraction of the cost, compared to its previous solution.

“Our cloud transformation will help achieve new levels of speed, innovation, operational adaptability, and long-term efficiencies – with a goal of staying at the forefront of connectivity for our customers,” said Jussi Tolvanen, CEO, DNA Plc.

Securing superior service for Finland
The agreement also enables DNA to explore the development of new cloud-native managed services from Google Cloud. DNA anticipates that these new and existing services will be increasingly guided by insights from its BigQuery data platform, allowing it to gain significantly greater visibility and deliver much more personalized solutions to both its consumer and enterprise markets.

Google Cloud’s open-source solutions like Google Kubernetes Engine, coupled with access to advisory support from its local engineers, are expected to play a major role in accelerating DNA’s cloud transformation as well as the development of new services for its customers.

“We’re thrilled to work with DNA on this exciting cloud transformation as we share a common goal of empowering Finnish businesses and consumers with secure and innovative digital experiences,” said Markus Hongisto, Google Cloud’s Finland Country Manager. “DNA’s strategy perfectly illustrates how prioritizing data residency, security, and compliance actually fuels rapid and safe innovation.”

DNA will commence its cloud transformation with the migration of more than 100 core applications to Google Cloud later this year.

About DNA Plc
DNA is one of the leading telecommunications companies in Finland. Our purpose is to connect you to what matters most. We offer connections, services and devices for homes and workplaces, contributing to the digitalisation of society. Already for years, DNA customers have been among the world leaders in mobile data usage. DNA has about 3.7 million subscriptions in its fixed and mobile communications networks. The company has been awarded numerous times as an excellent employer and family-friendly workplace. In 2023, our total revenue was EUR 1,067 million and we employ about 1,700 people around Finland. DNA is a part of Telenor Group, a leading telecommunications company across the Nordics.

More information: www.dna.fi, X @DNA_fi, Facebook @DNA.fi and LinkedIn @DNA-Oyj.

About Google Cloud
Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

 

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SOURCE Google Cloud

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